Corcoran’s Monthly Market Snapshot – May 2010

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The market has changed a lot in the last year.  Compared to May 2009, May 2010 shows a strong uptick in sales in NYC.  Following up on April’s strength, Sales of Co-Ops were up 16% over last year and Condo sales are up 32% .  The average price per square foot is up 20% year over year, and inventory is down 22%. 

Prices on the whole are not up 20% since May 2009, so this most likely reflects more purchases of higher end property which commands a higher cost per square foot, where as buyers were more skittish of top end units a year ago.

For more information including pretty graphs, please click here to read Corcoran Monthly Market Report – May 2010.